ISLAMABAD, Pakistan: Prime Minister Shahbaz Sharif on Thursday launched Buna-Raast Connectivity Project in Islamabad to streamline remittances from the Arab world to Pakistan.
The project links Pakistan’s digital payment system Raast with Buna which is established under the Arab Monetary Fund.
While addressing the launching ceremony, the prime minister said that this ground breaking initiative will further strengthen our historic relations with the Arab World in a modern digital way. He said that the initiative aims to facilitate our fellow Pakistanis in the Arab world to quickly send their money back home.
براہِ راست: وزیرِاعظم محمد شہباز شریف کی بونا-راست کنیکٹیوٹی منصوبے کے نفاد کی افتتاحی تقریب میں گفتگو https://t.co/Ipq3W7pdtB
— Government of Pakistan (@GovtofPakistan) August 22, 2024
Shahbaz Sharif pointed out that it is Pakistan’s first cross border real time payment system that will make remittances more affordable and accessible.
Referring to the economic challenges, the prime minister said that he will soon announce a five-year home grown economic program. He said that discussions have been held with stakeholders on it over the last many months. He said that the program will envisage measures to uplift the economy and different sectors including agriculture and IT.
In his remarks on the occasion, the Finance Minister Muhammad Aurangzeb expressed satisfaction that macro-economic stability is taking roots in Pakistan. He said the investor confidence is also coming back to the Country.
The finance minister was confident that the Extended Fund Facility of the International Monetary Fund (IMF) will help bring permanence to macro-economic stability. He said that the government is committed to structural reforms including in the energy and taxation system.
Muhammad Aurangzeb said that remittances are a lifeline for Pakistan and the country received remittances of US$ 3 billion in July 2024. He said that Buna-Raast project will further enhance remittances.
